IL HB5231 | 2023-2024 | 103rd General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 7 2025 - 100% progression
Action: 2025-01-07 - Session Sine Die
Text: Latest bill text (Engrossed) [HTML]
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 7 2025 - 100% progression
Action: 2025-01-07 - Session Sine Die
Text: Latest bill text (Engrossed) [HTML]
Summary
Reinserts the provisions of the introduced bill, as amended by House Amendment No. 1, with the following changes. In the changes to the Residential Mortgage License Act of 1987 in provisions about shared appreciation agreement consumer counseling and disclosures, provides that, notwithstanding any provision in the Act to the contrary, before (rather than prior to) taking any legally binding action on a shared appreciation agreement, the borrower or borrowers shall be provided counseling (removing a cross-reference to a definition of counseling in the Residential Real Property Disclosure Act and a reference that the borrower or borrowers shall be provided counseling regardless of the county in which the property is located). Removes changes to the Residential Real Property Disclosure Act from the introduced bill, and further amends the Residential Real Property Disclosure Act by defining "counseling". Effective immediately.
Title
SHARED APPRECIATION AGREEMENTS
Sponsors
History
Date | Chamber | Action |
---|---|---|
2025-01-07 | House | Session Sine Die |
2024-04-19 | House | Rule 19(a) / Re-referred to Rules Committee |
2024-04-11 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
2024-04-11 | House | House Floor Amendment No. 2 Adopted |
2024-04-11 | House | Second Reading - Short Debate |
2024-03-20 | House | House Floor Amendment No. 2 Recommends Be Adopted Financial Institutions and Licensing Committee; 011-000-000 |
2024-03-20 | House | House Floor Amendment No. 2 Rules Refers to Financial Institutions and Licensing Committee |
2024-03-18 | House | House Floor Amendment No. 2 Referred to Rules Committee |
2024-03-18 | House | House Floor Amendment No. 2 Filed with Clerk by Rep. Margaret Croke |
2024-03-13 | House | Placed on Calendar 2nd Reading - Short Debate |
2024-03-12 | House | Do Pass as Amended / Short Debate Financial Institutions and Licensing Committee; 012-000-000 |
2024-03-12 | House | House Committee Amendment No. 1 Adopted in Financial Institutions and Licensing Committee; by Voice Vote |
2024-03-12 | House | House Committee Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee |
2024-03-04 | House | House Committee Amendment No. 1 Referred to Rules Committee |
2024-03-04 | House | House Committee Amendment No. 1 Filed with Clerk by Rep. Margaret Croke |
2024-02-28 | House | Assigned to Financial Institutions and Licensing Committee |
2024-02-09 | House | Referred to Rules Committee |
2024-02-09 | House | First Reading |
2024-02-08 | House | Filed with the Clerk by Rep. Margaret Croke |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
205 | 635 | 1-4 | Amended Code | Citation Text |
205 | 635 | 5-12.5 | New Code | See Bill Text |
765 | 77 | 72 | Amended Code | Citation Text |
765 | 77 | 73 | Amended Code | Citation Text |